GTA Market Update: As the Summer Market Ends, Interest Rates are on Hold Once Again

/ 09.6.2023

In August, home values in the Greater Toronto Area were essentially flat as compared to last
year, with an average sales price of $1,082,496, pointing to the remarkable resilience in
Toronto’s housing market. However, average prices have declined since interest rates started
to rise again this past June. With the Bank of Canada’s announcement on September 6th to not
raise interest rates and the typically slow summer sales period coming to an end, the stage is
set for increased buyer competition and upward pressure on pricing to resume.

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